Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-34.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.65%
baseline attrition
Rally response
+6.38%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TOTB.DETotalEnergies SE | $282M | 6.3% | +41.2% | 0.5 yr |
| CVXChevron Corporation | $270M | 6.0% | +29.2% | 1.3 yr |
| NVDANVIDIA Corporation | $262M | 5.8% | +60.9% | 1.5 yr |
| LLYEli Lilly and Company | $235M | 5.2% | +12.2% | 1.3 yr |
| JNJJohnson & Johnson | $183M | 4.0% | +51.5% | 1.5 yr |
| VZVerizon Communications I | $167M | 3.7% | +16.5% | 1.5 yr |
| NEENextEra Energy, Inc. | $165M | 3.7% | +34.9% | 1.5 yr |
| LINLinde plc | $158M | 3.5% | +7.9% | 1.3 yr |
| MRKMerck & Co., Inc. | $157M | 3.5% | +38.9% | 1.3 yr |
| AMZNAmazon.com, Inc. | $150M | 3.3% | +9.5% | 1.5 yr |
| TJXThe TJX Companies, Inc. | $146M | 3.2% | +32.7% | 1.5 yr |
| TSMTaiwan Semiconductor Man | $118M | 2.6% | +105.6% | 1.3 yr |
| NTRNutrien Ltd. | $116M | 2.6% | +56.2% | 1.0 yr |
| GOOGAlphabet Inc. | $112M | 2.5% | +84.3% | 1.5 yr |
| NEMNewmont Corporation | $102M | 2.3% | +127.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Integrated14.1%+9.9pp$634M
Semiconductors14.0%+5.8pp$632M
Drug Manufacturers - General13.2%+8.8pp$597M
Gold7.4%+1.3pp$334M
Internet Content & Information4.1%-1.9pp$185M
Telecommunications Services4.0%-0.8pp$181M
Specialty Retail3.8%-5.0pp$172M
Regulated Electric3.7%+3.5pp$165M
Chemicals - Specialty3.6%+0.1pp$164M
Apparel - Retail3.2%-0.3pp$146M
Country
US73.0%-10.8pp
CA6.3%+3.8pp
FR6.3%
GB3.6%+0.1pp
TW2.6%+0.6pp
ZA2.0%-0.4pp
NL1.9%
BR1.8%
Top 5: 27.3% · Top 10: 44.9% · Top 25: 75.0%
Top buys this quarter · 15
| CVX Chevron Corporation | +$173M |
| NVDA NVIDIA Corporation | +$150M |
| LLY Eli Lilly and Company | +$125M |
| NEE NextEra Energy, Inc. | +$124M |
| TOTB.DE TotalEnergies SE | +$117M |
| NTR Nutrien Ltd. | +$108M |
| MRK Merck & Co., Inc. | +$84M |
| VZ Verizon Communications Inc. | +$82M |
| PBR Petróleo Brasileiro S.A. - Penew | +$64M |
| CSCO Cisco Systems, Inc. | +$51M |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$183M |
| BLK BlackRock, Inc.exit | −$101M |
| META Meta Platforms, Inc. | −$92M |
| ASML ASML Holding N.V. | −$70M |
| MS Morgan Stanley | −$69M |
| NEM Newmont Corporation | −$63M |
| IBM International Business Machine | −$60M |
| AMZN Amazon.com, Inc. | −$57M |
| AAPL Apple Inc. | −$54M |
| GFI Gold Fields Limited | −$53M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.51B | 112 | +30.01% | +17.59% | +12.42% | +0.77B |
| 2025-12-31 | $3.62B | 108 | +22.02% | +17.72% | +4.30% | -0.50B |
| 2025-09-30 | $4.09B | 104 | +10.72% | +8.12% | +2.59% | -0.44B |
| 2025-06-30 | $4.09B | 104 | +12.62% | +10.78% | +1.85% | +0.29B |
| 2025-03-31 | $3.38B | 111 | -2.88% | -4.27% | +1.39% | -0.77B |
| 2024-12-31 | $4.27B | 129 | — | — | — | — |